KYC fee reduction impact
SEBI-mandated reduction in KYC fetch (-20%) and creation (-75%) charges from April 2026 will pressure CVL's revenue and profitability.
CDSL / Q4-FY26 / risks
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Central Depository Services (India) · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
high
Competitive pressure from rival depository
Analyst noted a slight decline in incremental market share; management acknowledged competition but did not provide specific countermeasures.
Regulatory uncertainty from Securities Markets Code
The new code could alter the regulatory framework for depositories; management said they are studying it but gave no specifics.
Technology cost overrun risk
Technology spend has grown 4x in three years and now exceeds employee costs; management declined to provide future cost trajectory.